WillScot Holdings Corporation (WSC) 2026 Q1 法說會逐字稿

Welcome to the first-quarter 2026 WillScot earnings conference call.

歡迎參加 WillScot 2026 年第一季財報電話會議。

My name is Sheree. I'll be your operator for today's call.

我是 Sheree。我將擔任今天電話會議的接線員。

(Operator Instructions) Please note that this conference is being recorded.

(接線員指示) 請注意，本次電話會議將被錄音。

I will now turn the call over to Charlie Wohlhutter. Charlie, you may begin.

現在我將把電話交給 Charlie Wohlhutter。Charlie，您可以開始。

Thank you very much, Sheree. Good afternoon, everyone. Welcome to our first-quarter 2026 earnings call.

非常感謝您，Sheree。各位下午好。歡迎參加我們 2026 年第一季財報電話會議。

With me in the room today are Worthing Jackman, our Executive Chairman; Tim Boswell, President and Chief Executive Officer; and Matt Jacobsen, Chief Financial Officer.

今天在會議室與我一同出席的有：我們的執行董事長 Worthing Jackman；總裁兼執行長 Tim Boswell；以及財務長 Matt Jacobsen。

The presentation material may be found on our Investor Relations website at investors.willscot.com.

簡報資料可於我們的投資人關係網站 investors.willscot.com 查閱。

Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results.

今天的電話會議將包含以申報口徑與調整後口徑呈現的各項營運結果。調整後結果排除影響與申報結果可比性的特殊項目。

Descriptions of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures are included in today's presentation material.

這些非 GAAP 財務衡量指標的說明，以及與最可比 GAAP 財務衡量指標的調節表，均包含於今日的簡報資料中。

Also, unless otherwise stated, we're comparing results to the same period in 2025.

此外，除非另有說明，我們將把結果與 2025 年同期進行比較。

Before we begin, I'd like to direct your attention to slide 2, containing our Safe Harbor statement:

在開始之前，請各位注意投影片第 2 頁，其中包含我們的「安全港」聲明：

We will be making forward-looking statements during the presentation and our Q&A session. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control. As a result, our actual results may differ materially from comments made on today's call.

在簡報以及問答環節中，我們將作出前瞻性陳述。我們的業務與營運面臨各種風險與不確定性，其中許多超出我們的控制範圍。因此，我們的實際結果可能與今天電話會議中的評論存在重大差異。

For a more complete description of the factors that could cause actual results to differ and other possible risks, please refer to the Safe Harbor statements in our presentation and our filings with the SEC.

如需更完整了解可能導致實際結果不同的因素及其他可能風險，請參閱我們簡報中的安全港聲明，以及我們向美國證券交易委員會（SEC）提交的文件。

Now, it's my pleasure to turn the call over to our President and Chief Executive Officer, Tim Boswell.

現在，我很高興把電話交給我們的總裁兼執行長 Tim Boswell。

Thank you, Charlie. Good afternoon, everyone. We appreciate you joining us on today's call for a discussion of the operating environment, our strategic priorities, first-quarter 2026 results, and our improving outlook for the remainder of the year.

謝謝你，Charlie。各位下午好。感謝各位參加今天的電話會議，我們將討論營運環境、策略重點、2026 年第一季業績，以及我們對今年剩餘期間持續改善的展望。

As you saw with our results this afternoon, we delivered a solid first quarter. I'd like to thank the team for their continued focus on consistent execution, on behalf of our customers, our shareholders, and for one another.

如同各位今天下午看到的結果，我們交出穩健的第一季表現。我要感謝團隊持續專注於穩定執行，為了我們的客戶、股東，也為了彼此。

The operating environment remains uneven, though we continue to see encouraging internal-leading indicators across the business. We remain focused on executing the commercial, field, and central operating priorities that are within our control; and support our return to organic growth and long-term shareholder value creation.

營運環境仍然不均衡，但我們持續在全公司看到令人鼓舞的內部領先指標。我們仍專注於執行我們可控的商務、現場與中央營運重點；並支持我們回到有機成長與長期股東價值創造。

Matt will go into more detail regarding the first-quarter financials, though, if I zoom out, all metrics are consistent, with the progression towards organic top-line growth, which continues to be our focus for the second half of 2026.

Matt 將更詳細說明第一季財務表現；但若我拉高視角來看，各項指標都一致地朝向有機營收成長的方向推進，而這仍是我們 2026 年下半年持續聚焦的重點。

Modular activations were up year over year for the second consecutive quarter. Total activations were up 10% year over year in Q1 and increased across all product lines.

模組化（Modular）啟用量連續第二季年增。第一季總啟用量年增 10%，且各產品線皆呈現成長。

Leasing and services revenue grew modestly by $2 million year over year, which is a step in the right direction. But, within that, delivery and installation revenues were up 12%, year over year.

租賃與服務營收年增小幅增加 200 萬美元，這是朝正確方向邁進的一步。其中，交付與安裝營收年增 12%。

This is evidence that our order backlogs, which have been growing for several quarters now, are converting, as expected, which is a good leading indicator for future leasing revenues.

這顯示我們的訂單積壓（backlog）在過去數季持續成長後，正如預期般開始轉化，這也是未來租賃營收的良好領先指標。

Adjusted EBITDA of $211 million in the quarter exceeded our outlook. While Adjusted EBITDA margin was lower than we planned, the compression was volume-driven, with rental costs up 9% and commissions up 33% year over year, respectively.

本季調整後 EBITDA 為 2.11 億美元，高於我們的展望。雖然調整後 EBITDA 利潤率低於我們的規劃，但利潤率壓縮主要由量的因素所致：租賃成本年增 9%，佣金年增 33%。

Those line items, combined with a higher mix of delivery revenue, represent short-term margin headwinds. But they are the type of headwinds associated with lease revenue inflection, which, again, aligns with our objective for the year and is included in the increased guidance, driven by top-line growth.

上述項目加上交付營收占比提高，構成短期利潤率逆風。但這類逆風通常伴隨租賃營收的拐點出現；這同樣與我們今年的目標一致，並已反映在因營收成長所帶動的上調指引之中。

Even with those investments and increased capital expenditures in Q1, adjusted free cash flow was $116 million, representing a 21% margin on total revenue. We continue to see best-in-class free cash flow conversion and strong returns on capital, which is a fundamental strength of our business.

即便在第一季進行這些投資並提高資本支出，調整後自由現金流仍達 1.16 億美元，約占總營收的 21% 利潤率。我們持續展現同業最佳的自由現金流轉換率與強勁的資本報酬率，這是我們業務的根本優勢。

That gives us flexibility with capital allocation. We remain balanced in Q1. We returned $20 million to shareholders through share repurchases and our quarterly cash dividend, while reducing $76 million in debt balances.

這也讓我們在資本配置上更具彈性。第一季我們維持均衡配置。我們透過庫藏股回購與季度現金股利向股東回饋 2,000 萬美元，同時將債務餘額降低 7,600 萬美元。

Based on the increased activity levels which are driving the guidance raise, I expect there will also be greater opportunities to reinvest organically in the business.

基於推動本次上調指引的活動水準提升，我預期也將有更多機會把資金以有機方式再投資於業務。

Altogether, I'm happy with the results to start the year, though mostly focused on advancing the strategic initiatives that are within our control and critical to our positioning in the market for the long term.

整體而言，我對今年開局的結果感到滿意，但我更專注於推進我們可控、且對長期市場定位至關重要的策略性計畫。

First, from a commercial perspective, both our customer value proposition and competitive positioning have never been stronger. We're finding this stride at a moment when the mix of market activity is skewing towards larger, more complex projects, where our capabilities are disproportionately strong.

首先，從商務面來看，我們的客戶價值主張與競爭定位從未如此強勁。我們正好在市場活動組合偏向更大型、更複雜專案的時點找到節奏，而我們在這類專案上的能力具有不成比例的優勢。

From World Cup scale logistics to data center builds, power generation, manufacturing, and other critical infrastructure projects, we are supporting some of the most important work in the North American economy.

從世界盃規模的物流，到資料中心建置、發電、製造，以及其他關鍵基礎建設專案，我們正在支援北美經濟中一些最重要的工作。

These projects align extremely well with our value proposition, coordinating detailed requirements at a large scale on unforgiving timelines, with dependable execution right from the start. These differentiated capabilities are resonating with our most sophisticated customers.

這些專案與我們的價值主張高度契合：在嚴苛時程下，以大規模協調細緻需求，並從一開始就提供可靠的執行。這些差異化能力正獲得我們最成熟的客戶認同。

Enterprise accounts revenue increased 12% year over year in the first quarter, which is higher than the growth rate we expected for the full year. Order and activation trends strengthened throughout the quarter, with the current pending order book for enterprise accounts up over 25% year over year, excluding the World Cup.

第一季企業客戶（Enterprise accounts）營收年增 12%，高於我們對全年預期的成長率。訂單與啟用趨勢在整個季度持續轉強；目前企業客戶的待處理訂單簿（pending order book）年增超過 25%，不含世界盃相關。

This provides increased visibility into the second half of the year. Overall, this is a healthier revenue mix, with growing exposure to larger, higher-quality, and longer-duration projects that tend to draw from our full product offering and capabilities.

這提高了我們對下半年業績的能見度。整體而言，這是更健康的營收組合：對更大型、更高品質、且期間更長的專案曝險增加，而這些專案通常會動用我們完整的產品組合與能力。

While that is a real bright spot, we still see opportunity to execute more consistently across the entire organization. Our new regional sales management layer gives us the right leadership and oversight model in the field for improved alignment at the territory, account, and product levels.

雖然這是一個明顯亮點，但我們仍看到在整個組織更一致執行的機會。我們新增的區域銷售管理層，為現場提供正確的領導與監督模式，以在區域、客戶與產品層級達成更佳一致性。

After four months under this structure, we're seeing newly activated revenue in line with our budgeted sales quotas and an over 30% year over year increase in commission payouts. That is despite a continued 6% year-over-year decline of non-residential construction starts square footage and continued contraction of the Architecture Billings Index in the quarter.

在此架構運作四個月後，我們看到新啟用營收符合我們預算的銷售配額，且佣金發放年增超過 30%。即便如此，本季非住宅建築開工面積仍年減 6%，且建築師帳單指數（Architecture Billings Index）持續收縮。

While we have not seen stabilization across all of our local markets, the favorable mix of end-market activity, combined with better internal execution, are providing commercial momentum.

雖然我們尚未看到所有在地市場全面穩定，但終端市場活動的有利組合，加上更佳的內部執行，正帶來商務動能。

Operationally, I'm very proud of how our field and central teams are executing across multiple priorities. We are on track with our network-optimization efforts, including real estate and fleet dispositions, while simultaneously supporting elevated activity levels and fleet investments in high-demand product categories.

在營運面，我對我們的現場與中央團隊在多項重點上的執行感到非常自豪。我們的網路最佳化工作（包括不動產與車隊處置）進展如期，同時也支援較高的活動水準，並在高需求產品類別上進行車隊投資。

We are increasing work order volumes to drive unit availability and reduce lead times.

我們正在提高工單量，以提升設備可用性並縮短交期。

The ability to reactivate large volumes of vital equipment quickly and cost-effectively in a rising demand environment is a significant competitive advantage, while we also make meaningful and deliberate new fleet investments to further differentiate our offering, long term.

在需求上升的環境中，能夠快速且具成本效益地重新啟用大量關鍵設備，是一項重要的競爭優勢；同時，我們也進行具意義且審慎的新車隊投資，以在長期進一步差異化我們的產品與服務。

We mobilize this capacity with in-house expertise better than anyone in the industry.

我們憑藉內部專業能力動員這些產能的表現，優於業界任何同業。

Continuing to develop these capabilities, we are rolling out enhanced dispatch- and route-optimization tools across the field. These tools are improving utilization of our drivers and trucking fleet, as well as our service and set-up teams, reducing average miles per route and enhancing the customer experience through more effective omni-channel communication.

持續發展這些能力之際，我們正在全體現場推行強化的派遣與路線最佳化工具。這些工具正在提升我們司機與卡車車隊，以及我們服務與設置團隊的使用效率，降低每條路線的平均里程，並透過更有效的全通路溝通提升客戶體驗。

We are focused on improving service levels across all customer touch points to improve the experience and ease of doing business, while reducing our cost to serve.

我們專注於提升所有客戶接觸點的服務水準，以改善體驗並提升交易便利性，同時降低我們的服務成本。

We're doing all of this safely. Our recordable incident rate dropped below [0.5] for the last three months. That is exceptional performance. That's a direct result of disciplined execution and a strong safety culture across the organization.

我們在安全的前提下完成所有這些工作。我們的可記錄事故率在過去三個月降至[0.5]以下。這是卓越的表現。這是嚴謹執行與全組織強大安全文化的直接成果。

Thank you, again. Great work by our team.

再次感謝。我們團隊做得非常出色。

The common denominator in delivering successful outcomes is our people. WillScot was, again, recertified as a Great Place To Work for the fourth consecutive year, which is a designation based entirely on independent employee feedback and a reflection of our company culture.

達成成功成果的共同關鍵在於我們的人才。WillScot 再次獲得「Great Place To Work」認證，連續第四年取得此殊榮；該認證完全基於員工的獨立回饋，並反映了我們的企業文化。

Engagement compounds when we execute at a high level. Engaged teams deliver better results for customers and for shareholders.

當我們以高水準執行時，員工投入度會產生複利效應。高度投入的團隊能為客戶與股東帶來更好的成果。

Looking out through 2026, we remain cautious around local market demand. But believe we are better positioned than ever to win, when these markets stabilize and return to growth.

展望至2026年，我們對於在地市場需求仍保持審慎。但我們相信，當這些市場趨於穩定並重回成長時，我們將比以往任何時候都更具勝出優勢。

Meanwhile, our other commercial strategies to develop enterprise accounts, new verticals, and our differentiated offerings all show strong momentum. We expect that our multi-year operational improvement roadmap will continue to be a source of both differentiated execution capabilities and structural margin expansion, over time.

同時，我們其他商業策略——發展企業客戶、開拓新垂直領域，以及我們具差異化的產品與服務——皆展現強勁動能。我們預期，多年期的營運改善藍圖將隨時間持續成為差異化執行能力與結構性利潤率擴張的來源。

Our focus is clear: execute on initiatives within our control, strengthen our competitive positioning, serve our customers exceptionally well, be a Great Place To Work, and drive long-term shareholder value.

我們的重點很明確：執行我們可控範圍內的各項計畫、強化競爭定位、以卓越水準服務客戶、成為「Great Place To Work」，並推動長期股東價值。

I'll now turn the call over to Matt to go into more detail on Q1 and our outlook. Matt?

接下來我把電話會議交給 Matt，請他更詳細說明第一季與我們的展望。Matt？

Thanks, Tim.

謝謝，Tim。

Starting with the quarter, our first-quarter results exceeded our expectations entering the year, despite continued softness across certain end markets, Tim noted.

先從本季開始，儘管部分終端市場仍持續疲弱，如 Tim 所提，我們第一季的結果仍超出年初的預期。

Beginning on slide 4, total revenue for the quarter was $549 million, modestly lower year over year due to lower sales activity but ahead of our outlook.

從第4頁投影片開始，本季總營收為5.49億美元，由於銷售活動較少而較去年同期略為下降，但仍優於我們的展望。

Importantly, leasing and services revenue was up year over year by $2 million or about 0.5% due to the strong growth in delivery and installation revenues on increased activation volumes and large complex activity in the quarter.

重要的是，租賃與服務營收年增200萬美元（約0.5%），主要受惠於啟用量增加以及本季大型複雜專案活動帶動的交付與安裝營收強勁成長。

Breaking this down a bit further: Leasing revenue totaled $426 million, down approximately 2% year over year, reflecting ongoing pressure in local markets, with container unit on rent volumes driving the majority of the overall decline.

再進一步拆解：租賃營收合計4.26億美元，年減約2%，反映在地市場持續承壓，其中以貨櫃單元在租量（unit on rent）帶動整體下滑的占比最大。

Pricing and product mix continued to offset a portion of the volume impacts.

定價與產品組合持續抵銷部分量的影響。

VAPS revenue in the quarter ticked up modestly year over year in absolute dollars and rose 50 basis points year over year to 17.7% of total revenue.

本季 VAPS 營收以金額計較去年同期小幅增加，且占總營收比重年增50個基點至17.7%。

In contrast, delivery and installation revenue increased more than 12% year over year to $100 million. Large project demand is driving solid activation growth.

相較之下，交付與安裝營收年增逾12%至1.00億美元。大型專案需求正推動啟用量穩健成長。

Modular unit activations exceeded our internal expectations and increased 8% year over year in Q1, marking the second consecutive quarter of year-over-year activation growth.

模組化單元啟用量超出我們內部預期，且在第一季年增8%，為連續第二季出現啟用量年增。

This is a testament to the hard work at all levels of the company, executing against our strategic plans; and a positive indication of the continued improving commercial demand that we're seeing, even despite some continued end-market softness.

這證明公司各層級在執行我們策略計畫上的努力；也正面顯示我們所看到的商業需求持續改善，即使部分終端市場仍有疲弱。

As Tim mentioned, we believe that our ability to execute on large projects is a competitive advantage. We're seeing continued increased activity levels on these types of projects, proving our position as a solutions provider of choice in the industry.

如 Tim 所提，我們相信執行大型專案的能力是一項競爭優勢。我們看到此類專案的活動水準持續提升，證明我們在產業中作為首選解決方案供應商的地位。

Based on where we stand today, coupled with our activations, activation activity, and the pending order book, we now have increased conviction around leasing revenue inflecting to year-over-year growth at some point in the second half of 2026.

基於我們目前的狀況，結合我們的啟用量、啟用活動，以及待執行訂單簿（pending order book），我們對租賃營收在2026年下半年某個時間點轉為年增的信心已提高。

Adjusted EBITDA for the quarter was $211 million, with an adjusted EBITDA margin of 38.5%. Margins were down year over year, largely due to higher variable costs and increased delivery and installation activity.

本季調整後 EBITDA 為2.11億美元，調整後 EBITDA 利潤率為38.5%。利潤率較去年同期下降，主要因變動成本較高以及交付與安裝活動增加。

Importantly, this margin pressure stems from the gross margin line, reflecting unit preparation costs associated with increased volumes, which is common in a period where we're increasing activations and working towards leasing revenue in an eventual unit-on-rent inflection.

重要的是，這項利潤率壓力源自毛利率項目，反映與量增加相關的單元整備成本；在我們提高啟用量並推動租賃營收最終在「在租單元」出現拐點的期間，這是常見情況。

The large project activity we're seeing typically comes with long durations and solid returns. But there is a timing element around revenue recognition and cost absorption.

我們看到的大型專案活動通常具有較長的期間與良好的報酬。但在收入認列與成本吸收方面存在時間差因素。

While that affects margins in the near term, these activations increase fleet utilization and support leasing revenue run rates in subsequent periods so very much a positive for units on rent and the underlying business trends.

雖然這會在短期影響利潤率，但這些啟用量會提高車隊使用率，並支撐後續期間的租賃營收運行率（run rate），因此對在租單元與基本業務趨勢而言是非常正面的。

Importantly, we continue to see opportunities for efficiency gains through operational initiatives that Tim mentioned. We expect to see positive operating leverage in the business, as we return to growth.

同樣重要的是，我們持續看到透過 Tim 提到的營運計畫取得效率提升的機會。隨著我們重回成長，我們預期業務將展現正向的營運槓桿。

Adjusted net income in the quarter was $39 million. Adjusted diluted earnings per share was $0.21.

本季調整後淨利為3,900萬美元。調整後稀釋每股盈餘為0.21美元。

The impacts of lower container unit-on -rent volumes, lower sales, and increased unit preparation costs year over year in the quarter were partially offset by lower SG&A depreciation and interest expense, alongside a lower share count from repurchases.

本季貨櫃單元在租量下降、銷售降低，以及單元整備成本年增的影響，部分被較低的 SG&A 折舊與利息費用所抵銷，並且在庫藏股回購使股數下降的情況下亦有所支撐。

Overall, we're encouraged by the quality of activity in the quarter and the implications that it has on the remainder of the year.

整體而言，我們對本季活動的品質及其對今年剩餘期間的意涵感到鼓舞。

Turning to cash flow on slide 6, the business continues to generate strong and predictable cash flows. We're reinvesting more of those cash flows into driving growth in the business.

接著看第6頁投影片的現金流，本業持續產生強勁且可預測的現金流。我們正將更多現金流再投資於推動業務成長。

Net cash provided by operating activities was $191 million in the quarter, which included approximately $14 million of costs associated with network-optimization and executive transition costs.

本季營運活動提供的淨現金為1.91億美元，其中包含約1,400萬美元與網路最佳化及高階主管交接相關的成本。

Given our strong large project demand, we reinvested $89 million of net CapEx in the quarter, which increased about 40%, year over year.

鑑於我們強勁的大型專案需求，本季我們再投資8,900萬美元的淨資本支出（net CapEx），年增約40%。

Adjusted free cash flow generated in the quarter was $116 million at a 21% margin. This equates to adjusted free cash flow per share of $0.64 at our current share count or $2.54 over the last 12 months.

本季產生的調整後自由現金流為1.16億美元，利潤率為21%。以目前股數計算，相當於每股調整後自由現金流0.64美元；過去12個月合計為2.54美元。

The increase in adjusted free cash flow year over year was entirely due -- pardon me. The decrease in adjusted free cash flow year over year was entirely due to increased net CapEx investment to support fleet growth in higher-value product categories and the project demand pipeline.

調整後自由現金流的年增是完全因為——抱歉。調整後自由現金流的年減完全是因為為了支持較高價值產品類別的車隊成長以及專案需求管線，而增加了淨資本支出投資。

These are value-accretive investments, which have strong returns and position us well for future growth.

這些是具增值性的投資，擁有強勁報酬，並使我們在未來成長方面具備良好定位。

Free cash flow in the period supported a $76 million reduction of our outstanding debt and funded $20 million of returns to shareholders through our quarterly dividend and share repurchase programs.

本期自由現金流支持我們將未償債務減少7,600萬美元，並透過季度股利與股票回購計畫向股東回饋2,000萬美元。

From a balance sheet perspective on slide 8, we ended the quarter with net debt of $3.5 billion and leverage of 3.7 times.

從第8頁投影片的資產負債表角度來看，我們在季末的淨負債為35億美元，槓桿倍數為3.7倍。

Our debt maturity profile remains favorable, with no maturities until August of 2028. Our weighted average cash interest rate is approximately 5.7%, with roughly 90% of our debt effectively fixed, inclusive of our interest rate swaps.

我們的債務到期結構仍然有利，直到2028年8月之前皆無到期。我們的加權平均現金利率約為5.7%，約90%的債務在納入利率交換後實質上為固定利率。

We have approximately $1.5 billion of availability under our ABL facility so ample liquidity with a flexible covenant structure.

我們在 ABL 融資額度下約有15億美元的可用額度，因此在具彈性的契約結構下擁有充足流動性。

Now, on to slide 9, based on our first-quarter performance and our current order book visibility, we are raising our full-year 2026 outlook. We now expect revenue of approximately $2.25 billion, adjusted EBITDA of approximately $915 million, and net CapEx of approximately $325 million.

現在來看第9頁，基於我們第一季的表現以及目前訂單簿的能見度，我們上調2026全年展望。我們目前預期營收約為22.5億美元，調整後EBITDA約為9.15億美元，淨資本支出（CapEx）約為3.25億美元。

As we discussed in the prior two quarters, our conservative approach to our outlook is unchanged and does not assume a recovery in the local markets. We continue to drive internal plans and compensation targets for the year that exceed the increased revenue and EBITDA guidance we laid out today.

如同我們在前兩個季度所討論的，我們對展望採取保守作法的立場不變，且未假設本地市場會復甦。我們持續推動內部年度計畫與獎酬目標，其水準高於我們今天所提出上調後的營收與EBITDA指引。

The increase in revenue and adjusted EBITDA reflects stronger-than-expected project activity and improved visibility into the middle of the year.

營收與調整後EBITDA的上調，反映專案活動強於預期，以及對年中之前的能見度提升。

Our large scale Modular project pipeline is giving us more confidence that leasing revenues can inflect year over year at some point in the second half of 2026, which is now implied in the current outlook.

我們的大型模組化（Modular）專案管線，讓我們更有信心租賃收入可在2026年下半年某個時間點出現年增轉折，而這也已隱含在目前的展望之中。

Looking into Q2, we believe total revenues for the quarter will increase about 7%, sequentially, from Q1 2026 to approximately $585 million in Q2 of 2026, driven by higher leasing and delivery and installation revenues.

展望第二季，我們認為本季總營收將較2026年第一季季增約7%，至2026年第二季約5.85億美元，主要由較高的租賃收入以及交付、運送與安裝收入所帶動。

Given the size of large project pipeline, we expect to incur additional unit prep costs in Q2. Additionally, increased delivery and installation revenue mix, including that which is related to our support of the World Cup event, will provide sequential margin pressure.

考量大型專案管線的規模，我們預期第二季將發生額外的單位整備成本。此外，交付與安裝收入占比提高（包含與我們支援世界盃賽事相關的部分）將對毛利率造成季比壓力。

Increasing leasing revenues should offset a good portion of these headwinds. But we expect Q2 margins to be pressured by about 30 basis points, sequentially, from Q1. As a result, we expect adjusted EBITDA of approximately $223 million in Q2.

租賃收入增加應可抵消其中相當一部分逆風。但我們預期第二季利潤率將較第一季季比下滑約30個基點。因此，我們預期第二季調整後EBITDA約為2.23億美元。

As Tim mentioned, serving these types of projects is part of our unique value proposition that differentiates us from -- with a full suite of capabilities to serve our customers. Again, these are all strong investments with solid return profiles.

如Tim所提到的，服務這類型專案是我們獨特價值主張的一部分，使我們有別於—我們具備完整能力組合以服務客戶。再次強調，這些都是具備穩健報酬特性的強勁投資。

In conjunction with this spend, our increase in net CapEx reflects higher investment in select product categories tied to those projects.

配合這些支出，我們淨資本支出的增加，反映我們在與這些專案相關的特定產品類別上提高投資。

Local demand remains stable. But we remain cautious about this segment of the market. As such, we believe that targeted investments in higher-return opportunities is the right approach to maximize long-term value.

本地需求仍維持穩定。但我們對此市場區隔仍保持審慎。因此，我們認為針對較高報酬機會進行精準投資，是最大化長期價值的正確作法。

Looking at a few other items for Q2, we expect depreciation and amortization expense in the period to be approximately $100 million; interest expense to be about $54 million; and our effective tax rate to be around 27%.

再看第二季的其他幾項，我們預期本期折舊與攤銷費用約為1億美元；利息費用約為5,400萬美元；有效稅率約為27%。

To wrap up, Q1 was a strong start to the year and reinforces our confidence in the durability of our business model. We're investing to support growth and growing demand in high-quality opportunities, maintaining balance sheet strength, and returning capital to shareholders, all while positioning the company for improved performance, as we move through the year.

總結而言，第一季為今年帶來強勁開局，並強化我們對商業模式韌性的信心。我們正投資以支援成長與高品質機會中不斷增加的需求，維持資產負債表強度，並回饋資本給股東，同時在今年推進過程中，讓公司為更佳表現做好布局。

With that, I'll turn it back to Tim.

接下來我把時間交還給Tim。

Thanks, Matt.

謝謝，Matt。

We've all put in a lot of hard work over the last few years to integrate and reposition our business in a challenging market backdrop. Those efforts have put us in a position today to execute at a higher level, capture new market opportunities, and deliver on expectations.

過去幾年，在充滿挑戰的市場背景下，我們都投入大量努力來整合並重新定位我們的業務。這些努力讓我們今天能以更高水準執行、掌握新的市場機會，並達成外界期待。

Our team is committed to continuing to raise the bar in performance standards, while executing in the right way, consistent with our values. All of that makes me really proud to be part of the WillScot team.

我們的團隊致力於持續提高績效標準，同時以正確方式執行，並與我們的價值觀一致。這一切都讓我非常自豪能成為WillScot團隊的一員。

I believe that our business has never been better positioned to compete and win than we are today. I'm confident that, together, we can deliver on our commitments for sustainable long-term growth and value creation.

我相信，我們的業務從未像今天這樣具備更佳的競爭與致勝定位。我有信心，透過大家共同努力，我們能兌現對可持續的長期成長與價值創造的承諾。

Thanks, again, to our team for the strong start to the year.

再次感謝我們的團隊，為今年帶來強勁開局。

This concludes our prepared remarks. I'll turn it back to the operator for Q&A.

以上為我們事先準備的發言。我把時間交還給接線員進行問答。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Scott Schneeberger, Oppenheimer.

Scott Schneeberger，Oppenheimer。

Thanks very much. Good afternoon.

非常感謝。下午好。

Let's start out, please, with some discussion about the guidance and the back half of the year.

我們先從指引以及下半年展望的討論開始。

Leasing revenue growth inflection now is what you're anticipating for the second half of 2026. Could you talk about, Tim, for you, the couple three things that maybe could put you there earlier; and what would be going right -- things we would look for?

你們目前預期租賃收入成長的轉折點會在2026年下半年。Tim，你能否談談兩三個可能讓轉折更早出現的因素；以及哪些事情若進展順利—我們應該觀察什麼？

And then, on the flip side, what would be the things that have you nervous about achieving that?

反過來說，哪些事情會讓你對達成這點感到擔憂？

I'll come back with a follow-up. Thanks.

我之後會再追問一題。謝謝。

Okay, Scott. Good afternoon.

好的，Scott。下午好。

As we said in our remarks, we haven't assumed any real improvement in local market activity nor have we assumed any continued erosion of that activity, right? That's a variable that's outside of our control.

如同我們在發言中所說，我們沒有假設本地市場活動有任何實質改善，也沒有假設該活動會持續惡化，對吧？這是一個我們無法控制的變數。

As I think about what's been working, to date, in the business, activations were up 12% year over year in Q1 across the business. Sales org size is up about 10% year over year across the business.

就目前業務運作良好的部分來看，第一季全公司啟用量（activations）年增12%。全公司銷售組織規模年增約10%。

But much of that activation growth is being driven by the enterprise accounts portfolio. We haven't necessarily seen the full productivity expectation that we think we can get out of the local field sales org.

但這些啟用成長多數是由企業客戶（enterprise accounts）組合所帶動。我們未必已在本地前線銷售組織上看到我們認為可達到的完整生產力表現。

That's a variable that we're still working on. There is a market element to that.

這仍是我們正在努力改善的變數。其中也有市場面的因素。

I'm very, very confident in the enterprise accounts strategy in backlog. There are some really exciting things going on out there in the economy. Our win rates tend to improve, as those project sizes go up, right?

我對企業客戶策略與在手訂單（backlog）非常、非常有信心。目前經濟中確實有一些令人振奮的事情正在發生。隨著專案規模變大，我們的得標率往往會提升，對吧？

We're really holding our own there. We have seen some examples of delays in project starts. That's not uncommon for some of these very large projects, again, outside of our control.

我們在那方面表現相當穩健。我們確實看到一些專案開工延遲的例子。對於這些非常大型的專案而言，這並不罕見，同樣也在我們控制之外。

We quite like it when they get delayed after they start. That works in our favor.

如果它們是在開工之後才延遲，我們其實很喜歡。那對我們更有利。

Those are some things that we're watching. At this point, the team is huddling weekly on sourcing supply for some of these major opportunities. A lot of that is building up in the back half of the year.

這些都是我們正在關注的事項。目前團隊每週都在密切協作，為其中一些重大機會籌措供應。其中很多會集中在今年下半年。

Great. Thanks. The appropriate follow-up to that is -- Matt, thanks for the second-quarter outlook. I believe I heard 30 basis points quarter over quarter, down, on a few drivers that would be dilutive in the second quarter.

很好。謝謝。針對這點，適當的追問是—Matt，謝謝你提供第二季展望。我想我聽到的是，第二季有幾項因素會造成稀釋，使利潤率季比下滑30個基點。

Are they going to persist into the third? Or, when we speak of back half by mid-year, should those dilutive impacts of World Cup, otherwise -- are we going to really see a bit of a hockey-stick turn in the back half?

這些因素會延續到第三季嗎？或者，當我們談到下半年、到年中時，這些世界盃等造成的稀釋影響—下半年是否真的會出現比較像「曲棍球棒」式的轉折？

How should we think about the margins? Obviously, we can back into looking at the full year and get into it but just kind of the cadence of the third and the fourth. Thanks.

我們應該如何看待利潤率？顯然我們可以從全年數字回推來分析，但我想了解第三季與第四季的大致節奏。謝謝。

Yeah. Scott, thanks for the question.

好的。Scott，謝謝你的問題。

I think, we'll see a bit of dilution into the second quarter, sequentially. But, as we generally do, I would not expect to see that, as we go into Q3 and Q4.

我認為第二季利潤率會有一些稀釋，季比下滑。但如同我們一般的情況，我不預期進入第三季與第四季後仍會看到這種情形。

Q2, even without the World Cup, is generally one of our higher -- you start to really build the activation volumes. But you're also incurring more of the upfront get-ready costs.

第二季即使沒有世界盃，一般而言也是我們較高—你會開始真正拉升啟用量。但同時你也會承擔更多前期的整備成本。

That's a pretty normal phenomenon. It's exacerbated a little bit this year by the large project activity and some of the World Cup impacts, which also impact D&I margins, given there's a lot of activity moving around those units.

那是相當正常的現象。今年因大型專案活動以及一些世界盃的影響而略為加劇；由於有大量活動在這些單位之間移動，也會影響 D&I 的利潤率。

But, exiting Q2, I would not expect that to persist. In fact, I think we would see some pretty good expansion, probably even more than we would have seen last year, as we go into the third quarter, coming out of what would be a little bit lower of a Q2 than we would generally expect.

不過，隨著第二季結束，我不預期這種情況會持續。事實上，我認為進入第三季時，我們會看到相當不錯的擴張，甚至可能比去年更好，因為第二季會比我們一般預期的略低一些。

Great. Thanks. Appreciate it.

很好。謝謝。感謝。

Andrew Wittmann, Baird.

Andrew Wittmann，Baird。

Yeah. Great. Excuse me. Thanks for taking my question, guys.

是。很好。不好意思。謝謝各位回答我的問題。

Maybe I want to talk about rate a little bit -- AMRs -- here. Maybe you could just address what you're seeing there.

我想談一下費率——AMR——這部分。也許你們可以說說你們在那裡看到的情況。

Obviously, in Modular, up slightly, year over year. But it looks like, sequentially, the rates were down a little bit. Is that reflective of enterprise customer mix? 'Cause VAPS was up here. I'm focusing in a little bit on the base pricing.

顯然，在 Modular 方面，年增略有上升。但看起來按季比較，費率有些微下滑。這是否反映了企業客戶組合的影響？因為 VAPS 在這裡是上升的。我比較聚焦在基礎定價上。

I'm just trying to get a sense of what's out there, competitively; and what it means for the rates that you're able to achieve in that Modular business. Thanks.

我只是想了解一下市場上的競爭狀況；以及這對你們在 Modular 業務中能達成的費率意味著什麼。謝謝。

Yeah. Andy, I wouldn't attribute any of it to enterprise accounts. We tend to get pretty strong -- have a pretty strong value proposition.

是。Andy，我不會把這歸因於企業客戶。我們通常有相當強——有相當強的價值主張。

When you're working with those more sophisticated customers, their purchasing criteria, in many cases, tend to skew away from price towards dependability, execution, service elements -- those types of things -- which, again, all works in our favor.

當你與那些更成熟的客戶合作時，他們的採購標準在很多情況下會從價格轉向可靠性、執行力、服務要素——這類事情——而這些同樣都對我們有利。

If I look across just market pricing on new contracts, it's varies a bit by product category. We've had pressures on the ground-level office product line for some time. That feels like it's stabilizing. But then, still down, quite significantly, from the peak.

如果我看整體市場在新合約上的定價，會因產品類別而有所不同。我們在地面層辦公產品線上承受壓力已經有一段時間了。那感覺正在趨於穩定。但相較於高峰仍然顯著偏低。

In contrast, you've got the complex business and FLEX, where we're seeing, actually, pretty good price momentum.

相較之下，在複雜業務與 FLEX 方面，我們其實看到相當不錯的價格動能。

There is a little bit of a mix headwind from FLEX, just given those are smaller format units; but higher return on capital and higher priced from a per square foot basis.

FLEX 會帶來一點組合上的逆風，主要是因為那些是較小規格的單位；但資本報酬率更高，而且以每平方英尺計的價格也更高。

No real concerns sitting here today, from a rate perspective. We've got some real pockets of strength, where I think we can continue to push here, as we progress through the year.

就費率角度而言，目前沒有什麼真正的疑慮。我們有一些明顯的強勢區塊，我認為隨著今年推進，我們可以持續在這些地方推動。

Yeah. The Q4 phenomenon to Q1 isn't an unusual one, as well. We do see some variability there, as you go from Q4 to Q1.

是。從第四季到第一季的現象也不算罕見。從第四季到第一季，我們確實會看到一些波動。

Yeah. No. Definitely, there's always a little bit of that. I was just wanting to drill into this quarter, specifically. But, fair point, Matt.

是。不。確實，總是會有一點那樣的情況。我只是想特別深入了解這一季。不過，Matt，你說得有道理。

Just, then, my follow-up is on the margins. I just want to get a sense here. Maybe, Matt, you can help us.

那我追問的是利潤率。我想了解一下。也許 Matt 你可以幫我們說明。

[240], year over year. We heard the factors. Can you just give us some, like, relative positioning, as to what were the bigger factors here? Obviously, when you've got (inaudible) -- the top line, negative deleverage is probably one of the bigger ones.

[240]，年增。我們聽到了相關因素。你能否就相對比重給我們一些說明，哪些因素影響最大？顯然，當你的（聽不清）——在營收端，負向營運槓桿可能是比較大的因素之一。

I'm just curious, the mix effect -- I heard things, like, getting units prepped so repair and maintenance costs. These are good things -- that you made the case.

我只是好奇，組合效應——我聽到一些像是讓單位預備就緒所產生的維修與保養成本。這些都是好事——你們也提出了這樣的論點。

But just want to try to understand the order of magnitude as how these things are flowing through. And then, do any of these subside, at all, as the year progresses in terms of the way you're looking at the year evolving?

但我想試著理解這些項目流經損益表時的量級排序。另外，隨著年度推進，從你們對全年走勢的看法來看，這些因素有沒有任何會消退？

Thanks.

謝謝。

Sure. No. No. I think that's right. We do look at these, generally, as good things; most of them, right?

當然。不。不。我認為你說得對。我們一般確實把這些視為好事；大多數都是，對吧？

We're happy to be getting more units ready; increasing or -- sorry -- decreasing our response time to customers, as incremental demand has been coming.

我們很高興能讓更多單位準備就緒；在增量需求出現之際，提高——抱歉——降低我們對客戶的回應時間。

That impact, if we look at the first quarter and we look at the 8% increase in Modular activations, that increased [ready-cost] and the commission so the increase in variable cost is about 150 basis points, 160 basis points of margin compression, Andy.

如果看第一季，以及 Modular 啟用量增加 8%，那個增加的[ready-cost]以及佣金等變動成本的上升，約造成 150 個基點、160 個基點的利潤率壓縮，Andy。

It is a real impact. I think we expect to see that continue a bit in the second quarter.

這確實是實質影響。我想我們預期第二季還會持續一點。

And then, I think, as we get into the later quarters in the year, it'll be subsiding a little bit, based on what we know today. Obviously, the demand picture could be a little bit different.

然後我認為，進入今年後面幾季時，基於我們目前所知，這會稍微消退一些。當然，需求情況也可能會有些不同。

The other big piece is D&I revenue. We mentioned it a couple times. That mix -- the over $10 million or 12% increase in D&I revenue -- it is a lower-margin revenue line for us than the overall blended EBITDA margin. That is a bit of an impact.

另一個大項是 D&I 營收。我們提過幾次。那個組合——D&I 營收增加超過 1,000 萬美元或 12%——對我們而言，其利潤率低於整體加權後的 EBITDA 利潤率。這會帶來一些影響。

That's worth another 50 bps or so. There's a few things there, in addition to, just, our container unit-on-rent volume being down.

這大概還要再影響 50 個基點左右。此外還有幾個因素，包括我們的貨櫃單位在租量下降。

We talked, in Q4, about that $50 million headwind for the year obviously impacting overall margins, giving the reduction in containers that are on rent in the first quarter versus what was there a year ago.

我們在第四季談到，今年有 5,000 萬美元的逆風，顯然會影響整體利潤率；因為第一季在租的貨櫃數量，相較一年前有所減少。

Those are the main drivers there.

以上是主要驅動因素。

That's a great answer. Thank you for clarifying that. Have a good evening.

這回答得很好。謝謝你澄清。祝你晚上愉快。

Thanks, Andy.

謝謝，Andy。

Kyle Menges, Citigroup.

Kyle Menges，Citigroup。

Great. Good evening, guys.

很好。各位晚上好。

I know you mentioned that enterprise account order book was up 25%, ex-World Cup. Maybe I missed it but I'm curious just what the total order book growth looks like; and, maybe, through April, as well; and ex-enterprise accounts, too?

我知道你們提到企業客戶的訂單簿在剔除世界盃因素後成長 25%。也許我漏聽了，但我想知道整體訂單簿的成長看起來如何；以及到 4 月為止的情況；另外，剔除企業客戶後也是？

This is Tim. Overall, pending orders in Modular are up 14% year over year so pretty strong across the board and up 7% for Storage. Within that, you've got pending orders for climate-controlled, which are up, like, 100%, year over year.

我是 Tim。整體而言，Modular 的待交付訂單年增 14%，所以各方面都相當強勁；Storage 則年增 7%。其中，恆溫（climate-controlled）的待交付訂單年增大約 100%。

Across the board, seeing pretty good performance there.

整體來看，我們在那裡看到相當不錯的表現。

Order rates, it's a little bit different. The pending orders are those orders that have accumulated and not yet delivered. If I just look at the order rates, week to week, in Modular, they're up mid-single digits for non-enterprise customers, year over year. They are down year over year at about that same magnitude in Storage, when you take out enterprise accounts.

訂單率則有點不同。待交付訂單是指已累積但尚未交付的訂單。如果只看 Modular 的每週訂單率，非企業客戶年增為中個位數。而在剔除企業客戶後，Storage 的年增則以大致相同幅度下滑。

We're seeing better performance across all customer segments in the Modular order activity, relative to Storage, where Storage is more weighted towards that enterprise performance and some larger RFP wins.

相較於 Storage，我們在 Modular 的訂單活動上看到各客群的表現更好；Storage 則更偏重企業客戶的表現，以及一些較大型 RFP 的得標。

But that's consistent with what we talked about a couple of months ago.

但這與我們幾個月前討論的內容一致。

That's helpful. And then, as a follow-up to that -- good to hear about your increased conviction in seeing leasing revenues inflect at some point in the second half.

這很有幫助。接著，作為後續追問——很高興聽到你們對於在下半年某個時間點看到租賃營收出現拐點的信心提高了。

I am curious, just, what year-over-year orders growth you would actually need to see in, like, May through the rest of this year to actually see that second-half leasing revenue inflection come to fruition?

我很好奇的是，像是從5月到今年剩餘時間，你們實際上需要看到多少同比的訂單成長，才能讓下半年租賃營收拐點真正實現？

Yeah. There's two sides of it, right?

是的。這有兩個面向，對吧？

There's also the returning units. But, I think, based on, the activity levels we've seen -- this is now our second quarter in a row of Modular activation growth -- I think, at year end, I would have said, you get year-over-year activation growth for a few quarters.

還有回收（歸還）的單位。但我認為，根據我們看到的活動水準——這已經是我們連續第二個季度的模組化（Modular）啟用量成長——我想在年末時我會說，你會看到連續幾個季度的同比啟用量成長。

You start to get to a point where you get that leasing revenue inflection. And then, another quarter or two after that, you've got a chance, probably, to drive the actual volume inflection.

你會開始走到一個點，租賃營收就會出現拐點。再之後的一到兩個季度，你大概就有機會推動實際量（volume）的拐點。

I think it's really just based on our current rates and what we're seeing on activations ; gives us good visibility into, at least, the middle of the summer. We'll continue to monitor it from there.

我認為這主要是基於我們目前的費率以及我們在啟用量上看到的情況；這讓我們至少對於到盛夏中段有很好的能見度。之後我們會持續監測。

But, in Q4, we would have said, we were looking at early 2027 for that leasing revenue inflection. Based on what we've seen, so far, we've pulled that forward a quarter or so. We're happy with that.

但在第四季時，我們原本會說，我們預期租賃營收拐點會落在2027年初。根據目前為止看到的情況，我們把它往前拉了大約一個季度。我們對此感到滿意。

We're still driving to accelerate that even more. But that's what we're seeing, right now, Kyle.

我們仍在努力讓它再更快一些。但這就是我們現在看到的情況，Kyle。

Good to hear. Thank you.

很高興聽到。謝謝。

Yeah.

是的。

Steven Ramsey, Thompson Research Group.

Steven Ramsey，Thompson Research Group。

Hi. Good evening or good afternoon.

嗨。晚安或午安。

I wanted to continue that thought process there. It's good to hear the activation story.

我想延續剛才那個思路。很高興聽到啟用量的故事。

Can you talk about the returned units side of things, maybe more on the Modular side, if the returned units level, year to date, is coming in as expected; and how it's impacting the guide?

你能談談歸還單位（returned units）這一端的情況嗎？也許更聚焦在模組化（Modular）這邊：今年迄今的歸還單位水準是否符合預期？以及它如何影響你們的指引？

Yeah. We've definitely seen -- we've seen, over time, the returns subsiding. Probably, a little bit more significant over the last few years, obviously, in Storage, as you've seen the units on rent -- the change in units on rent -- and there being fewer units on rent; less to return.

可以。我們確實看到——隨著時間推移，歸還量正在趨緩。過去幾年可能更明顯的是在儲存（Storage）業務，因為你看到在租單位數——在租單位數的變化——以及在租單位變少；可歸還的也就更少。

But we've been seeing the same in Modular. We had a -- the first quarter was a pretty good start for us, from a unit-on-rent perspective within the quarter. It's the best that we've had since 2022.

但我們在模組化（Modular）也看到同樣情況。第一季對我們來說——就季度內的在租單位（unit-on-rent）角度——是個相當不錯的開局。這是我們自2022年以來最好的表現。

Some modest increases from the end of Q4 into the end of March but very encouraging. We want to see that continue.

從第四季末到3月底有一些溫和的增加，但非常令人鼓舞。我們希望這能持續。

What that means is that, our activations, obviously, in the first quarter exceeded the amount of returns that we had in both products, both for Modular and for our Storage units. It's been a trend that we do expect to continue, until we see the activations increase even more and some of those projects start coming back.

這代表第一季我們的啟用量顯然超過了兩個產品線的歸還量——不論是模組化（Modular）或我們的儲存（Storage）單位。我們預期這個趨勢會持續，直到我們看到啟用量進一步增加，且其中一些專案開始回收。

But there's some long duration in a lot of these projects that we're seeing that are driving the activity.

但我們看到許多推動活動的專案，其期間都相當長。

Only thing I'd add, Steven, is that, the return activity is pretty much right in line with our original plans for the year so we haven't been surprised, one way or another, from the return side of the equation.

Steven，我唯一要補充的是，歸還活動基本上與我們年初的原始規劃一致，因此在歸還這一端，我們沒有出現任何一方面的意外。

They are down modestly, year over year. But we modeled and expected that just based on our historical experience. The variable that's changed here is on the delivery side.

它們同比小幅下降。但我們基於歷史經驗已經建模並預期會如此。這裡改變的變數是在交付端。

Okay. Helpful color.

了解。這些補充很有幫助。

And then, secondly, VAPS leasing revenue edged up a bit in the quarter. You've been just under $400 million the last two years on VAPS leasing revenue.

第二個問題，VAPS租賃營收在本季小幅上升。過去兩年你們的VAPS租賃營收一直略低於4億美元。

Do you expect this particular line to be a grower this year?

你們預期今年這一項會成長嗎？

Yes. We do. I think there's more work we have to do here. I'm not 100% satisfied with the penetration levels that we're achieving currently on new contracts.

會的。我們預期會。我認為我們在這裡還有更多工作要做。我對目前在新合約上達成的滲透率水準並非百分之百滿意。

It varies by product. But quite a few of the product lines are off their peak from a couple of years ago. That is on our plate to turn around here.

這會因產品而異。但不少產品線相較於兩年前的高峰已經回落。這是我們接下來要扭轉的重點。

Even with that, we still have a healthy spread versus the the AMRs that we're reporting, inclusive of value-added products. We'll expect to grow that line during 2026, with opportunity to perform better, internally, on the attachment rates.

即便如此，與我們所揭露的AMR（平均月租金）相比——包含加值產品在內——我們仍有健康的價差。我們預期在2026年讓這條線成長，並且在內部的搭售/附加率（attachment rates）上有機會做得更好。

I would just add that we've got some new product introductions this year, as well, in the form of perimeter solutions, which are going to be contributing to the VAPS revenue line, along with some of the other newer fleet categories.

我再補充一點：今年我們也有一些新產品推出，例如周界解決方案（perimeter solutions），它們將貢獻VAPS營收線，另外也包括一些較新的車隊類別。

Really, there's pretty good momentum across all those new product introductions.

整體而言，這些新產品推出的動能相當不錯。

Great to hear. Thanks.

很高興聽到。謝謝。

Angel Castillo, Morgan Stanley.

Angel Castillo，Morgan Stanley。

Hi. Good evening. Thanks for taking my question.

嗨。晚安。謝謝讓我提問。

I just wanted to go back to unpack the mega-project or, maybe, the shift in mix that we're seeing a little bit more. It sounds like the enterprise accounts are doing well.

我想回頭再拆解一下超大型專案（mega-project），或是我們看到的組合（mix）轉變。聽起來企業客戶（enterprise accounts）表現不錯。

But just trying to understand a little bit more, like, why is there more of a timing impact than we've seen in the past, as we think about these projects in terms of prep? Is it the type of products they're requiring? Is it that the location is more remote? Just curious if we could unpack that a little bit more.

但我想更了解的是，為什麼在這些專案的前置準備（prep）上，時間點的影響會比過去更大？是他們需要的產品類型不同嗎？還是地點更偏遠？想請你們再多拆解一下。

And then, as we think about D&I, is the shift in that ahead of, as well, the projects and maybe more of the lead time? Is that due to more inflation that we're seeing in D&I or, again, location? I'm a little surprised at how much that's leading versus historical trends.

另外，談到D&I（交付與安裝），它的變化是否也領先於這些專案、也就是前置期更長？這是因為我們在D&I看到更多通膨，還是同樣是地點因素？我有點意外它相較於歷史趨勢領先這麼多。

Well, let me start -- Angel, this is Tim -- on the first part of your question, as it relates to the timing of mega-projects and how that can flow through the P&L. Matt can, maybe, follow up on anything I missed, as it relates to the D&I side of things.

好，我先從——Angel，我是Tim——先回答你問題的第一部分，關於超大型專案的時間點以及它如何流入損益表。至於D&I那一端，Matt可以補充我遺漏的部分。

Yeah.

好的。

The only thing unique about the larger projects -- we have small, medium, large, and mega; it;s how we think about the market segmentation -- is you typically have longer lead time. There is typically a more involved set-up and installation component on some of these larger projects.

大型專案唯一比較特別的地方——我們有小型、中型、大型與超大型；這是我們看待市場區隔的方式——是通常會有較長的前置時間。而且在一些較大型的專案上，通常會有更複雜的設置與安裝環節。

But, at the end of the day, they're no different than the rest of our Modular deliveries, where you recognize variable cost when the work is performed in advance of a unit being put on rent. You recognize the delivery and installation revenue and margin, as that work is performed at the beginning of a rental. And then, you recognize the rental revenue, thereafter.

但歸根結底，它們與我們其他模組化（Modular）交付並無不同：在單位上租之前、當工作提前執行時，你會認列變動成本。在租賃開始時，隨著交付與安裝工作執行，你會認列交付與安裝的營收與毛利。之後再認列租賃營收。

We're not seeing anything different there. It's just that that delivery and installation element is picking up pretty rapidly, up 12%, year over year in the first quarter.

我們沒有看到那裡有任何不同。只是交付與安裝這個要素拉升得相當快，第一季同比成長12%。

The rental revenues associated with that, we'll enjoy for the next three to four years, on average, based on the size of these projects.

與此相關的租賃收入，平均而言，依據這些專案的規模，我們將在未來三到四年享有。

That's just how these things work.

事情就是這樣運作的。

As you look at the composition of market activity -- and you cover this as well as anybody so you already know -- the overall volume of projects that we're tracking is flat.

當你看市場活動的組成——而你對這塊的掌握不輸任何人，所以你也已經知道——我們正在追蹤的專案總量是持平的。

When we look at the large and mega segments, they're up, like, 30%, year over year. And then, within that, data centers are up 70%, year over year.

當我們看大型與超大型區隔時，它們年增大約30%。而在其中，資料中心年增70%。

There is a very meaningful mix shift in terms of the composition of market activity. That actually lends itself well to our value proposition because, when it comes to the more sophisticated requirements that these customers have, we are disproportionately well-positioned to serve them and to win the project.

就市場活動的組成而言，出現了非常顯著的組合轉移。這其實很符合我們的價值主張，因為面對這些客戶更複雜、更高階的需求，我們在服務他們並贏得專案方面具備不成比例的優勢。

That's what we're seeing. A lot of that does then flow into the enterprise book of business.

這就是我們所看到的。其中有很大一部分會進一步流入企業端的業務組合。

Yeah. I think Tim hit on the D&I piece. It's really just the D&I revenue as a mix of total revenue that's driving margin down. It's not that anything's really changed with that.

是的。我想 Tim 提到了 D&I 的部分。其實就是 D&I 收入占總收入的比重在拉低毛利率。並不是那邊真的有什麼改變。

That 12% increase in revenue, it's just at a lower margin than our overall blended margin. That's why it's depressing the Q1.

那 12% 的營收成長，只是其毛利率低於我們整體的加權平均毛利率。所以才會壓低第一季的表現。

We expect it to do the same in Q2, with all this increased activity.

我們預期在第二季，隨著這些活動增加，也會出現同樣的情況。

That's very helpful. Thank you.

這非常有幫助。謝謝。

And then, I was hoping we could also talk about the CapEx a little bit more and just unpack that. Sounds like you're following where the demand is going and making some investments there and -- don't know if it's specifically -- what products.

另外，我也希望我們能再多談一點資本支出（CapEx），把它拆解說明一下。聽起來你們是在跟著需求走並在那裡做一些投資——不確定是否特定是哪些產品。

If you could kind of talk about where within your VAPS are you maybe deploying more capital that you weren't anticipating; and maybe what are the needs? Is it something with mega projects or data centers that there's just different products that you're having to deploy more capital for?

你能否談談在你們的 VAPS 裡，哪些地方可能正在投入比原先預期更多的資本；以及可能有哪些需求？是否與超大型專案或資料中心有關，因為你們必須部署不同的產品而需要投入更多資本？

As we think about -- going forward, is this higher percentage of the percentage of sales a better approach to how we should think about CapEx, going forward? Or is this more of a one-time step-up?

往後來看，這個較高的「占銷售額百分比」是否是我們應該用來思考 CapEx 的更好方式？還是這比較像一次性的上調？

Just trying to understand the capital allocation.

只是想了解資本配置。

Angel, it's always demand-driven, right? If you look back over recent history, I think we've been as low as $200 million of annual net CapEx and as high as, I think, $360 -- if you go back to 2022, which is pretty robust market environment, right? We're going to follow the demand here.

Angel，這一向都是由需求驅動，對吧？如果你回頭看近年的歷史，我想我們年度淨資本支出最低大概到 2 億美元，最高大概到 3.6 億美元——如果回到 2022 年，那是相當強勁的市場環境，對吧？我們會跟著需求走。

In terms of where the incremental CapEx is going, it's largely going into our complex Modular business, which tends to be pretty highly utilized and also tends to be associated with larger projects.

至於增量 CapEx 的去向，主要是投入在我們較複雜的 Modular（模組化）業務，這部分通常使用率很高，也往往與較大型的專案相關。

The market mix is shifting towards mega and large. That's been driving disproportionate demand in our larger complex fleet for some time now.

市場組合正朝向超大型與大型移動。這段時間以來，這一直在推動我們較大型、較複雜的設備車隊出現不成比例的需求。

We are investing behind that, inclusive of FLEX. There are other smaller categories, like perimeter solutions and Clearspan, as well.

我們正在針對這點加大投資，也包含 FLEX。另外也有一些較小的類別，例如周界解決方案（perimeter solutions）與 Clearspan。

But the majority is going to be going into the Modular business.

但大部分將會投入在 Modular 業務。

It's a combination of new fleet and refurbishment, right? It's both.

這是新設備車隊與翻新（refurbishment）的組合，對吧？兩者都有。

About 60% in Q1 was on the new fleet piece. The other 30% of the year-over-year growth was in the refurbishment side of things.

第一季大約 60% 用在新增設備車隊。其餘年增成長的 30% 則在翻新這一端。

We're hitting it from both sides.

我們兩邊都在推進。

Amazing. Thank you.

太棒了。謝謝。

Josh Chan, UBS.

UBS 的 Josh Chan。

Good afternoon. Thanks for taking my questions.

下午好。謝謝回答我的問題。

On local, I know that you're not embedding any improvement or change in the market. But are you seeing anything on the ground that suggests that that market is moving one way or another?

關於本地（local）市場，我知道你們的指引沒有納入任何市場改善或變化。但你們在第一線是否看到任何跡象，顯示市場正往某個方向移動？

I think we've seen it be more stable. It doesn't seem to be moving a whole lot.

我想我們看到它更穩定了。看起來沒有太大的變動。

The pace of decline has reduced. It's been relatively stable.

下滑的速度已經放緩。相對穩定。

I think Tim's comments on containers are a good example of one area where it was down a little bit. But, on the Modular side -- that -- we're seeing that local market be stable.

我想 Tim 對貨櫃（containers）的評論，是其中一個領域稍微下滑的好例子。但在 Modular 這邊——我們看到本地市場是穩定的。

Yeah. Josh. We're still adding to the salesforce, right? That, in and of itself, should be an indicator that we think there's opportunity out in the market.

是的。Josh。我們仍在擴增銷售團隊，對吧？光是這點本身，就應該能反映我們認為市場上存在機會。

The data is the data, right? If you look at non-res square footage, it's still down 6%, right?

數據就是數據，對吧？如果你看非住宅（non-res）平方英尺數，仍然下滑 6%，對吧？

We have beefed up the enterprise organization. I think, if the mix of market activity continues to shift, we'll shift how we allocate our sales coverage, resources.

我們也強化了企業端組織。我想如果市場活動的組合持續轉移，我們也會調整銷售覆蓋與資源配置的方式。

Sure. Sure. That makes a lot of sense. Yeah. Thank you.

當然。當然。這很合理。是的。謝謝。

And then, on the rate growth -- the base rate growth -- what's embedded in your guidance in terms of how much year-over-year rate growth you get in 2026?

另外，關於租金成長——基礎租金成長（base rate growth）——你們在指引中對 2026 年的年增租金成長幅度，內含了多少？

Yeah. I think for -- I'll talk maybe specific to the second quarter. I would expect -- for Modular, for example, we were just under 3% here in the first quarter. You may see that decelerate a little bit in the second quarter; and a lot of that be driven by some of the smaller units we're putting out for the World Cup.

是的。我想我先談第二季可能比較具體。以 Modular 為例，我們第一季略低於 3%。你可能會看到第二季稍微放緩；其中很大一部分是因為我們為世界盃投放了一些較小的單元。

A little bit of a project nuance there that we'll see in the second quarter. And then, from there, I think we would generally expect it to have opportunities to increase from there.

第二季會有一些專案層面的細節差異。之後，我想我們一般會預期從那裡開始仍有機會再往上提升。

We do see opportunities within our FLEX and our complex equipment. But, the reality, we do continue to see a little bit of pressure on ground-level office and some of the smaller equipment.

我們確實在 FLEX 與我們的複雜設備（complex equipment）方面看到機會。但現實是，我們仍持續看到地面層辦公室（ground-level office）以及一些較小型設備有些壓力。

I think, at the guide, it's probably a little bit conservative on the pricing side. If we do better than that, that would provide additional upside. That's what we see, right now.

我想在指引中，定價面可能稍微保守一些。如果我們做得比這更好，就會帶來額外的上行空間。這就是我們目前看到的。

Sure. That sounds great. Thanks for the color. Congrats on a good quarter.

了解。聽起來很不錯。謝謝補充說明。恭喜這一季表現很好。

Hey. Thank you.

嘿。謝謝。

Philip Ng, Jefferies.

Jefferies 的 Philip Ng。

Hey, guys. This is [Maggie], on for Phil.

嗨，各位。我是 [Maggie]，代 Phil 發問。

I just wanted to go back to the now expectations for a leasing revenue inflection in the back half. Maybe if you could talk about what trends you're seeing in modular versus storage; and how each segment is contributing to that inflection.

我想回到你們目前對下半年租賃收入出現拐點的預期。也許你們可以談談在模組化（modular）與倉儲（storage）方面看到的趨勢；以及各區隔如何對這個拐點做出貢獻。

And the, similarly, how we should think about the volume recovery piece versus AMR contribution to that inflection.

同樣地，我們應該如何看待「量的復甦」相對於 AMR 對該拐點的貢獻？

Yeah. I can definitely do that, Maggie.

是的。Maggie，我當然可以說明。

I think, for us, the opportunity is definitely in the Modular side.

我想對我們而言，機會確實是在 Modular 這一端。

We are facing the $50 million -- coming into the year, the $50 million headwind on Storage. For us to get year-over-year inflection on Storage, we probably have a little bit further to go on that due to that volume headwind that we started with.

我們正面臨 5,000 萬美元——在年初時，儲存（Storage）業務有 5,000 萬美元的不利因素（headwind）。要讓儲存業務出現年對年拐點，我們可能還需要再走一段路，因為一開始就有那個量的逆風。

But, on the Modular side, if you rewind a quarter ago, we were off 5% on volume. We are now off 3% on volume. We are starting to eat into that year-over-year volume headwind.

不過，在模組化（Modular）這一邊，如果你把時間倒回一季前，我們的量下滑 5%。現在量的下滑是 3%。我們開始逐步抵消那個年對年的量的逆風。

As we do that, the rate and VAPS tailwind that we've had will shine through. That's where we start to get the inflection in Modular.

當我們做到這一點時，我們一直享有的價格（rate）與 VAPS 的順風就會更明顯地反映出來。這就是我們開始在模組化業務看到拐點的地方。

You'll get modular inflection before you get total inflection. That's really what's driving the inflection -- is the Modular side of the business, although the headwind on Storage is still declining, which is good.

你會先看到模組化的拐點，才會看到整體的拐點。真正推動拐點的是模組化這一側的業務；雖然儲存業務的逆風仍在，但也在持續減弱，這是好事。

Okay. Got it. And then, switching gears a little bit, it looks like you disposed of about 40,000 units in the quarter. I'm assuming that's part of your network-optimization initiative.

好的。了解。接著稍微換個話題，看起來你們本季處分了大約 40,000 個單位。我猜那是你們網路最佳化（network-optimization）計畫的一部分。

How do you see that disposition activity the next few quarters? Is this a one-and-done? Or you have more to do?

你怎麼看接下來幾季的處分活動？這是一次性就結束嗎？還是還有更多要做？

And then, is the primary benefit from that in the savings on real estate or carrying costs? Or is there a potential cash inflow opportunity, as you start disposing of some of these underutilized assets?

另外，主要效益是來自房地產成本或持有成本的節省嗎？或者當你開始處分這些使用率偏低的資產時，是否也有潛在的現金流入機會？

Sure. Yeah. From a fleet perspective -- our reported fleet numbers -- we would have, when we took the restructuring charge in Q4, have taken those units out of our fleet.

當然。是的。從車隊（fleet）的角度——也就是我們對外揭露的車隊數字——我們在第四季認列重整費用時，就已經把那些單位從車隊中剔除了。

In the Q4 earnings deck, we would have provided pro forma utilization for Q4, had those units not been in our fleet the entire quarter. There was really no change in what we would call our fleet count in the first quarter.

在第四季的財報簡報中，如果那些單位整季都不在我們車隊裡，我們本來會提供第四季的備考（pro forma）使用率。第一季我們所謂的車隊數量其實沒有變化。

It was more that, if you're looking at averages, the reported average from Q4 wasn't fully burdened by that reduction. If you go back and look at the pro forma, that might help.

比較像是，如果你看的是平均數，第四季揭露的平均值並沒有完全反映那次縮減的影響。你回頭看備考數字，可能會有幫助。

But, physically, we did start destructing some of those -- many of those units, as we work to get out of these properties in the first quarter. But, from a reported fleet count perspective, there was really no change.

但在實體作業上，第一季我們確實開始拆解其中一些——其實是很多——單位，因為我們在推進退出這些物業。不過，從對外揭露的車隊數量角度來看，確實沒有變化。

From a benefit perspective, clearly, the real estate benefit -- we talked about, last quarter -- to help control some of the increases that we would, otherwise, expect over the next few years.

就效益而言，很明顯是房地產方面的效益——我們上季也談過——有助於控制未來幾年原本可能會出現的一些成本上升。

But it's interesting. Every day, we're seeing other benefits around some of this, whether it's property insurance costs; whether it's some of the indirect costs of just having multiple locations in a market.

但很有意思的是，我們每天都在看到其他一些效益，不管是物業保險成本，或是僅僅因為在同一市場有多個據點所帶來的一些間接成本。

I think we'll continue to see and discover new benefits of just operating in a more optimized way in each of our markets.

我想我們會持續看到並發掘更多好處：也就是在各個市場以更最佳化的方式營運。

Okay. Got it. That's helpful. Thank you.

好的。了解。這很有幫助。謝謝。

(Operator Instructions)

(接線員指示)

Faiza Alwy, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Faiza Alwy。

Yes. Hi. Thank you.

是的。嗨。謝謝。

Tim, you answered my real queston in response to another question, which was around data center growth. I think, on the last call, you talked about potential increase in the data center vertical of 50% I think you said 70%, this quarter.

Tim，你在回答另一個問題時其實已經回答了我真正想問的，也就是關於資料中心成長。我記得在上次電話會議上，你談到資料中心垂直領域可能增加 50%，而這一季我想你說的是 70%。

Help me think through -- like, do you have an updated estimate for how to think about growth in this vertical, this year, into 2027? 'Cause it feels like we're just starting. Activity seems to be accelerating.

請幫我釐清一下——例如，你是否有更新的估計，讓我們理解今年到 2027 年這個垂直領域的成長該怎麼看？因為感覺我們才剛開始。活動似乎正在加速。

Faiza, I would agree with how you just ended the question. It does feel like the activity levels have accelerated.

Faiza，我同意你剛才問題最後的說法。確實感覺活動水準加速了。

Just to clarify some of the metrics I gave you: I still think we're on track to deliver new activated revenue this year. That's up 50% year overyear in the data center vertical.

先釐清一下我給你的部分指標：我仍然認為我們有望在今年交付新增啟用營收（new activated revenue）。在資料中心垂直領域，這相當於年對年成長 50%。

My comment, a few questions ago, was around -- if I look at our CRM database, we map out all of the projects around North America that the sales org is positioned to chase. When I look in the large- and mega-project segment, the volume of those data center projects is up 70%, year over year.

我在前幾個問題的評論是——如果我看我們的 CRM 資料庫，我們把北美所有銷售團隊有機會追逐的專案都盤點出來。當我看大型與超大型專案（large- and mega-project）區隔時，資料中心專案的數量年對年增加 70%。

The real interesting thing, though, is they still only represent about 25% of the large and mega projects that we're going after.

不過真正有趣的是，它們仍然只占我們正在追逐的大型與超大型專案的大約 25%。

It's important. It's grown tremendously. But we're seeing large projects across, pretty much, every vertical I can name. That's what's really exciting. It's not just the pace of the data center activity but the overall volume and diversity of the project activity that we're going after.

這很重要。它成長非常大。但我們幾乎在我能想到的每一個垂直領域都看到大型專案。這才是真正令人振奮的地方。不只是資料中心活動的速度，而是我們正在追逐的專案活動的整體量與多樣性。

That would include power generation that, oftentimes, is associated with data center activity; a lot of technical manufacturing; pharmaceutical; some large-scale stadium and special-event projects.

這也包括發電（power generation），而這往往與資料中心活動相關；大量的技術型製造；製藥；以及一些大型體育場與特殊活動專案。

As you know, we touch virtually every sector in the economy. We're seeing activity in a lot of different areas.

如你所知，我們幾乎觸及經濟中的每一個產業部門。我們在很多不同領域都看到活動。

Okay. That is very helpful. Ands then, just the discrepancy between how you're doing on the enterprise accounts and the large or mega projects versus what you're seeing on the small project and the local market side, like, is that because you're devoting more sales resources to your largest customers, which I know is part of your strategy or is it just that general macro activity is just stronger and you are well positioned to play in that large, mega space?

好的。這非常有幫助。另外，關於你們在企業客戶與大型或超大型專案的表現，與你們在小型專案與地方市場端看到的情況之間的落差——這是因為你們把更多銷售資源投入到最大客戶（我知道這是你們策略的一部分）？還是只是整體宏觀活動本來就更強，而你們也很適合在大型、超大型領域競爭？

It's a combination of the above. We're certainly more mature, from an operational standpoint, in our field-based sales organization. That's how the business has traditionally always gone to market.

兩者都有。從營運角度來看，我們的在地（field-based）銷售組織確實更成熟。這也是這門生意傳統上一直以來的市場進入方式。

The investments that we made less than a year ago, I would remind you, in the enterprise accounts team represents a new focus and initiative for the company. Certainly, the structure and strategy that we've put around five or six key industry verticals is absolutely showing traction.

我也提醒你，我們在不到一年前對企業客戶團隊所做的投資，代表公司一個新的聚焦與倡議。我們針對五到六個關鍵產業垂直領域所建立的架構與策略，確實正在展現成效。

There is an internal strategy element that I think is playing out.

我認為其中有一部分是內部策略的因素正在發酵。

There is a market activity mix element that we just talked about that is playing out. There are our own competitive strengths and capabilities as an operator that I think are playing out and make us more likely to be successful on some of these larger, more demanding situations.

也有我們剛才談到的市場活動組合因素正在發酵。另外，我認為我們自身作為營運商的競爭優勢與能力也正在發揮作用，使我們更有可能在一些更大型、要求更高的情境中取得成功。

It's a combination of those factors.

這些因素綜合作用。

Got it. Thank you.

了解。謝謝。

Thank you. I'm showing no further questions in the queue at this time.

謝謝。目前我看到隊列中沒有其他問題。

I would now like to turn the call over to Mr. Tim Boswell for any closing remarks.

現在我想把電話交回給 Tim Boswell 先生，請他做結語。

Thanks, everybody, for your interest and your support of the team here at WillScot.

謝謝各位對 WillScot 團隊的關注與支持。

To the WillScot team, thanks, again, for a strong quarter and the focus on clear and clean execution, as we round out 2026.

也對 WillScot 團隊說聲謝謝，再次感謝大家交出強勁的一季，並在我們邁向 2026 年收官之際，專注於明確且乾淨俐落的執行。

This concludes today's conference.

今天的電話會議到此結束。

Thank you, ladies and gentlemen.

謝謝各位女士、先生。

You may now disconnect.

您現在可以掛線。